The surprise decision of OPEC and its allies, including Russia, to cut oil output may cause an immediate rise in prices, delaying revision in fuel prices in India, industry sources said. The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels. The move led to Brent rising by almost 6 per cent to $84.58 per barrel on Monday.
Petrol price on Wednesday neared all-time high after state-owned fuel retailers hiked rates after a nearly month-long hiatus. Petrol price was raised by 26 paise per litre and diesel by 25 paise a litre, according to a price notification from oil marketing companies. After this increase, petrol in Delhi climbed to Rs 83.97 per litre from Rs 83.71 previously. Diesel rates rose to Rs 74.12 per litre from Rs 73.87. In Mumbai, diesel touched an all-time high of Rs 80.78.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
Consumption of petrol and diesel will contribute more than half of the Centre's exclusive share in GST in FY20, reports Abhishek Waghmare
Tobacco will be subjected to the highest tax slab of 28 per cent and an additional cess. The current rates of taxation on cigarettes and chewing tobacco are about 64 per cent and 81 per cent, respectively.
Car and two-wheeler manufacturers have heaved a sigh of relief after Finance Minister Pranab Mukherjee proposed to maintain the excise duty at present levels while inviting companies to step up investments in the sector.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Centre and state governments are steadily increasing excise duties and value-added tax
More than a week after state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
Amidst sweeping changes expected in the customs and excise duties, the entire industry was glossed over by the Union Budget 2011-12.
Mobile handset prices will become more expensive as Finance Minister Pranab Mukherjee on Monday announced one percent hike in the Central Excise duty for 130 items, including phones.
Excise duty hike, removal of exemptions in certain items is negative; increased allocation for various government projects, education sector and set up of TAGUP to drive demand.
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Sales of commercial vehicles rose 9.01 per cent to 51,000 units in December, SIAM said.
The proposals under consideration include waiving the current 5 per cent Customs duty on naphtha and reducing the excise duty on mono ethyl glycol from 8 per cent to 4 per cent. The Cabinet secretariat has sought views from various ministries and departments for this package.
The government has not given any concrete assurance on the rollback of excise duty.
Industry demands the basic customs duty on all steel imports to be raised to 25%
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
Rajshekhar detailed his complaints in a report to the lieutenant governor's office, joint secretary in the Ministry of Home Affairs and the additional commissioner of police of Delhi's anti-corruption branch.
The RBI's surprise rate hike may have been prompted by its inability to convince the government to cut excise duty on petrol and diesel and take other supply-side measures to tame runaway inflation, sources aware of the central bank's thinking said on Thursday. There has been a record Rs 10 a litre increase in petrol and diesel prices in a matter of 16 days beginning March 22, which has further fuelled the already high commodity prices. The RBI, which is mandated to ensure inflation is under 6 per cent, acted with a 0.40 per cent increase in repo rate to check prices before they went completely out of hand.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Beauty creams, hair oil, shampoos and other household items will cost more as FMCG firms plan to increase prices by up to 7 per cent due to the excise duty hike announced in the Budget.
Steel Authority of India Limited said on Wednesday it has hiked steel prices by up to Rs 600 a tonne, effective from March 1, on account of increase in excise duty.
Now that the Union Budget is in, a look at its sector-wise impact on the corporate sector, after checking with the views of brokerage firms.
Cement prices are likely to go up by around Rs 8-10 per 50 kg bag with manufacturers saying that they may pass on the burden of hike in excise duty proposed in the Budget 2010-11 to customers.
Most jewellery shops and establishments in the country are shut since March 2.
The price of petrol is expected to come down to Rs 84.71 a litre and diesel to Rs 77.98
In a major relief, information technology hardware industry has decided to pass on the 4 per cent across-the-board excise duty cut to consumers which will help bring down the prices of IT products like TFT monitors, printers and projectors and computers and notebooks.
Whether AAP bounces back or fades into political oblivion will depend on its strategy in the coming months.
Finance Minister Arun Jaitley on Wednesday said for the first time fiscal deficit target will be met without budgetary cuts.
Passenger Vehicles will feel further pinch as excise duty on SUVs shoots up to 30%
Jewellers went on strike for three days from March 2.
International oil prices jumped to the highest level since 2014, topping $87 a barrel but domestic petrol and diesel prices remained unchanged for the 74th day in a row - a freeze that may be linked to ensuing assembly elections in states like Uttar Pradesh and Punjab. Brent - the key global oil benchmark - soared to $87.7 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global inventories are waning. The attack, some analysts believe, may lead to more hostile behaviour between the two power centres in the Middle East - Iran and Saudi Arabia.
After premium petrol, the price of normal petrol has also crossed Rs 100 per litre in Rajasthan's Sriganganagar district.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
General Motors India on Tuesday increased vehicle prices by up to Rs 61,000 in order to partially offset the impact of rising input costs and expiry of reduced excise duty concessions.
After rise in duties, third-party motor insurance rates set to increase premiums 5 - 10 per cent.
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